July Market Continues Climb
July 2013 sales
numbers and median prices reported to the REALTORS Association of New Mexico
(RANM) continue to out-pace totals from the last two years.
Cathy Colvin, 2013
RANM President, notes, “The July 2013 state-wide median of $180,502 is the
highest July median since the 2010 figure of $181,000. The 2013 year to date
median ($170,000) is also the highest year to date median reported since 2010,
when the median was $173,800.” Median price indicates half the properties sold
for more and half for less.
The number of sales
in New Mexico also continues to increase. 1,638 sales were reported in July
2013, up 15% over June 2013 sales and nearly 18% over July 2011 numbers. 2013
year to date sales numbers are 11.5% higher than those reported for the same
time period in 2012. 9,451 sales have been reported January through July 2013;
8,473 sales were reported for same time period in 2012.
“According to both
national and New Mexico sources, homebuilder confidence is rising. Mortgage
rates remain low (Freddie Mac reported this week the average rate on a 30-year
loan was 4.4%.). And consumer confidence continues to grow. All these trends
bode well for a continued growth for real estate markets,” says M. Steven Anaya,
RANM CEO.
12 New Mexico counties showed an increase in sales this
July compared to figures from July 2012.
14 counties showed an
increase in median price from July 2012 to July 2013. Local conditions continue
to be a major factor effecting real estate activity – a robust economy and high
employment translate to a robust real estate market.
The trends and
numbers reported are only a snapshot of market activity. If you are interested
in buying or selling, consult a REALTOR familiar with your market area; he/she
can provide information on specific trends in your neighborhood.
